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Sunday, August 14, 2016

Jacques Sapir — Why Industrial Policy needs monetary sovereignty

Clarifies Sergei Glazyev's thinking, among other things.

The Russian economist S. Glazyev has formulated thus one of the aspects of what he calls the « quadrilemma »: « If the national Bank does not have a monopoly on the question of the world reserve currency, and if it maintains cross-border capital movements open, it cannot control the exchange rates or the interest rates [17]. »